Afrigather The Nigerian Export Promotion Council (NEPC) says the income generated from the nation’s non-oil export within the first half of 2024 reached $2.7 billion, representing a 6.26% improve in comparison with the $2.539 billion recorded in the identical interval in 2023.
Nonye Ayeni, the chief director of the council, disclosed this throughout a press briefing in Abuja Thursday.
In keeping with her, the rise in export worth is attributed to a number of elements, together with the Council’s “Operation Double Your Exports” initiative, which have spurred progress in partnerships, advocacy, capability constructing, and export intervention packages.
These efforts, she mentioned, coupled with the profitable transition of presidency in Might 2023 and the coverage initiatives of President Bola Ahmed Tinubu’s Renewed Hope Agenda have spurred the rising quantity and worth of Nigeria’s exports.
“It’s noteworthy to state right here that non-oil export income generated within the first half 12 months of 2024 was 3.834 million metric tonnes representing the sum of $2.7 billion. This reveals a rise of 6.26% as towards the sum of $2.539 billion for the primary half 12 months of 2023,” she acknowledged
Ayeni additionally mentioned that within the first half of 2024, a complete of 211 totally different merchandise have been exported, starting from agricultural commodities to merchandise from extractive industries.
In keeping with her, the feat marks a notable diversification from conventional uncooked agricultural exports to extra semi-processed and manufactured items with essentially the most exported commodity been Cocoa Beans, accounting for 23.18% of the full export worth, adopted by Urea/Fertilizer at 13.78% and Sesame Seeds at 11.04%.
“It’s pertinent to notice that so many exportable merchandise and their derivatives are progressively gaining prominence because the demand for these merchandise within the international market continues to extend. These embrace however are usually not restricted to contemporary greens, citrus peel and Sorghum. Whereas their contributions are nonetheless within the means of acquiring important ranges, their common inclusion on the export desk suggests a rising presence within the export panorama. There are additionally a whole lot of potentials in providers that must be explored and harnessed, particularly for logistics, and ICT amongst others,”
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She acknowledged additional that among the many high 20 exporting firms, Indorama-Eleme Fertilizer and Chemical Restricted led with exports valued at $198.8 million, adopted by Starlink World and Very best Restricted with $184.7 million from agricultural merchandise, and Outspan Nigeria Restricted with $177.75 million from cocoa exports.
She famous {that a} whole of 873 firms participated in non-oil exports throughout the interval, indicating a rising curiosity amongst Nigerian companies in diversifying away from oil dependence.
The Government Secretary acknowledged additional that the banking sector additionally performed a vital position in facilitating these exports. She mentioned Zenith Financial institution Plc led with 43.09% of the full non-oil export transactions, whereas First Financial institution Nigeria Plc and Constancy Financial institution adopted with 6.56% and 6.38%, respectively.
The Council subsequently urged monetary establishments to proceed supporting exporters, significantly because the African Continental Free Commerce Space (AfCFTA) opens up new alternatives.
Ayeni additionally disclosed that Nigeria’s non-oil merchandise have been exported to 122 nations throughout Africa, the Americas, Asia, Europe, and Oceania. She mentioned the Netherlands, Malaysia, and Brazil have been the highest three locations for these exports. Notably, Ghana was the one African nation to make it into the highest 15 importers, rating 14th.
To additional increase non-oil exports, she mentioned that the Council has launched a number of initiatives underneath the “Operation Double Your Exports” mantra. Certainly one of these initiatives, “Export 35 Redefined,” focuses on intensifying help for the highest 20 agricultural merchandise by way of your entire worth chain, from farm gate to market entry.
She added that with 19 exit factors throughout seaports, worldwide airports, and land borders, Nigeria routed 95.08% of its non-oil exports by way of seaports, reflecting the important position of maritime infrastructure within the nation’s export economic system.
“Member nations of ECOWAS imported Nigerian merchandise for the interval in overview value 530 thousand Metric Tons and US$156.117 Million in worth phrases, which quantities to five.79% of the full export worth,” she mentioned.
“The Council has a mantra “Operation Double Your Exports” to drive our core goal and the Council’s mandate. Below this mantra, we now have some initiatives and programmes to enhance the prevailing ones all geared in the direction of considerably rising our non-oil exports to enhance our overseas trade earnings and for financial progress and job creation. This additionally aligns with the Industrial Revitalization Plan of the Honourable Minister of
Trade, Commerce and Funding, Dr Doris Uzoka-Anite and the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu (GCFR).”
